[198J Oil and gas: reinvestment after pre-trading disposal]
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

[198J  Oil and gas: reinvestment after pre-trading disposal]

[(1)     This section applies if a company which is an E&A company makes a disposal of, or of the company's interest in, relevant E&A assets and that disposal is—

(a)     a disposal of, or of an interest in, a UK licence which relates to an undeveloped area, or

(b)     a disposal of an asset used in an area covered by a licence under Part 1 of the Petroleum Act 1998 or the Petroleum (Production) Act (Northern Ireland) 1964 which authorises the company to undertake E&A activities.

(2)     If—

(a)     the consideration which the company obtains for the disposal is applied by the company, within the permitted reinvestment period—

(i)     on E&A expenditure at a time when the company is an E&A company, or

(ii)     on oil assets taken into use, and used only, for the purposes of a ring fence trade carried on by it, and

(b)     the

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